12 August 2021 : Unaudited Interim Condensed Results for the Second Quarter and First Fiscal Half 2021

GREECE, August 12, 2021 – Okeanis Eco Tankers Corp. (“OET” or the “Company”) today reported unaudited interim condensed results for the second quarter and first half year ended June 30, 2021.

Q2 2021 Highlights

• Time charter equivalent (“TCE”, a non-IFRS measure) revenue and Adjusted EBITDA (a non-IFRS measure) of $34.5 million and $22.2 million, respectively. Adjusted profit (a non-IFRS measure) for the period of $3.5 million or $0.11 per basic & diluted share.
• Fleetwide daily TCE rate of $23,600 per operating day; VLCC, Suezmax and Aframax/LR2 TCE rates of $27,200, $22,300 and $16,900 per operating day, respectively. Daily vessel operating expenses (“opex”, a non-IFRS measure) of $7,604 per calendar day, including management fees.
• In Q3 2021 to date, 73% of the available VLCC spot days have been booked at an average TCE rate of $15,600 per day, 57% of the available Suezmax spot days have been booked at an average TCE rate of $11,200 per day and 100% of the available Aframax/LR2 spot days have been booked at an average TCE rate of $12,900 per day.
• In May 2021, the Company signed a memorandum of agreement (“MoA”) for the sale of its Aframax/LR2 fleet comprising three vessels (Nissos Therassia, Nissos Schinoussa, Nissos Heraclea) to an unaffiliated third party for a total of $120.75 million.

In June 2021, the following events occurred:

• The Company delivered the Nissos Therassia and Nissos Schinoussa to their new owners. In connection with the completion of the sale, the Company recorded a net loss of $7.6 million, declared a return of paid-in capital of $24.3 million or $0.75 per share, retired $47.1 million concerning the outstanding loan principal amount of the disposed vessels and retired $2.8 million in relation to the vessels’ scrubber financing.
• The Company signed a memorandum of agreement (“MoA”) for the sale of the VLCC crude tankers Nissos Santorini and Nissos Antiparos to an unaffiliated third party for a net consideration of $180 million. The sale was concluded on a charter-free basis and is anticipated to be completed upon delivery of the final vessel (Nissos Santorini or Nissos Antiparos) to her new owners by latest November 2021.
• The Company entered into an agreement to acquire two eco-design, open loop scrubber-fitted 300,000 DWT VLCC crude tankers under construction at H.H.I. South Korea (the “Resale VLCCs”) from entities controlled by OET’s Chairman and Chief Executive Officer, Mr. Ioannis Alafouzos (the “Sponsor”), for $194 million delivering in Q1 2022 and Q2 2022, respectively. The Resale VLCCs are designed to operate on alternative fuels, including Biofuel, and to be retrofitted to consume lower carbon fuels such as LNG or Methanol once the required technology, bunkering infrastructure and regulatory framework is in place. The Resale VLCCs are compliant with EEDI Phase 2 requirements and fitted with a Low Pressure SCR for NOx compliance.
• The Company entered into an agreement to replace its time charters on the VLCCs Nissos Rhenia and Nissos Despotiko, undertaking the following actions:

1. Transfer the remaining 2.0 year time charter (approx.) of the VLCC Nissos Keros to a leading international energy company to the Nissos Despotiko and accelerate debt repayment of the Nissos Despotiko lease by $1.8m p.a. over the next two years; and
2. Transfer the remaining 0.5 year time charter (approx.) of the VLCC Nissos Donoussa to a leading national oil company to the Nissos Rhenia, accelerate debt repayment of the Nissos Rhenia lease by $1.8m p.a. over the next two years and adjust the lease facility’s margin over LIBOR over the corresponding period slightly upwards to reflect the shorter duration of the replacement time charter.

• Lastly, on June 30, 2021, the Company made a cash distribution of $24.3 million or $0.75 per share to its shareholders via a return of paid-in capital.

The Board of Directors has decided to postpone a capital distribution this quarter to preserve liquidity; distributions will resume once the sale of the two VLCCs (Nissos Antiparos, Nissos Santorini) is completed.

The full unaudited interim results and presentation are attached to this press release.

OET will be hosting a webcast at 14:30 CET on Thursday August 12, 2021 to discuss Q2 2021 results. Participants may access the conference call using the below dial-in details:

Norway: +47 2 156 3318

USA: +1 212 999 6659

Standard International Access: +44 (0) 33 0551 0200

Password: Okeanis

The webcast will include a slide presentation and will be available on the following link:

https://channel.royalcast.com/landingpage/okeanis/20210812_1/

Contact:

John Papaioannou, CFO

Tel: +30 210 480 4099

Email: jvp@okeanisecotankers.com

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

ABOUT OKEANIS ECO TANKERS CORP.

Okeanis Eco Tankers Corp. is a pure play eco and scrubber-fitted tanker company that owns and operates a fleet of 14 modern, high-specification crude oil and products tankers in the VLCC and Suezmax segments.

FORWARD LOOKING STATEMENTS

Matters discussed in this release may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates, sometimes identified by the words “believes”, “expects”, “intends”, “plans”, “estimates” and similar expressions. The forward-looking statements contained in this release, including assumptions, opinions and views of the Company or cited from third-party sources, are solely opinions and forecasts that are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. The Company does not provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does the Company accept any responsibility for the future accuracy of the opinions expressed in the presentation or the actual occurrence of the forecast developments. No obligations are assumed to update any forward-looking statements or to conform to these forward-looking statements to actual results.